Americans Are Rushing to Claim Social Security at 62: In 2025, more Americans than ever are choosing to claim Social Security benefits at age 62, the earliest possible age. While this option offers early access to retirement funds, it comes with long-term financial consequences. So why are so many people taking this route? The answer isn’t simple—but it’s rooted in a mix of fear, financial need, and changing perceptions of Social Security’s future. With inflation rising, trust in the government waning, and personal savings stretched thin, many individuals feel they can’t afford to wait.
Americans Are Rushing to Claim Social Security at 62
Americans are increasingly claiming Social Security at age 62 due to economic uncertainty, distrust in the program’s long-term viability, and personal need. While this decision makes sense for many, it’s crucial to understand the financial trade-offs. With proper planning, you may find a strategy that better supports your long-term retirement goals. Waiting—even just a few years—can significantly boost your lifetime income. Make your decision based on facts, not fear.
| Topic | Details |
|---|---|
| Surge in Early Claims | Over 580,000 new Social Security claims filed in March 2025, a 15% increase from 2024 |
| Trust Fund Depletion Timeline | Social Security Trust Fund projected to run short by 2033 |
| Benefit Reduction at Age 62 | Early claimants receive up to 30% less than full retirement age recipients |
| Administrative Disruptions | Budget cuts, staffing shortages, and digital transition issues have made benefit access more stressful |
| Public Anxiety Levels | 75% of Americans fear Social Security may not exist in the future |
| Official Resource | Social Security Administration |
Why Americans Are Rushing to Claim Social Security at 62?
1. Fear of Insolvency and Future Cuts
According to the 2024 Trustees Report, the Social Security Trust Fund is expected to be depleted by 2033. At that point, incoming payroll taxes will only cover around 79% of scheduled benefits. Although this doesn’t mean the program will vanish, it raises legitimate concerns about reduced payments in the future.
For many approaching retirement age, this uncertainty pushes them to claim benefits early—while they’re still confident the money will be there.
“There’s a trust issue. People would rather get something now than risk getting nothing later,” says Alicia Munnell, director of the Center for Retirement Research at Boston College.
2. Economic Pressure and Lack of Savings
The average American in their 60s has less than $150,000 in retirement savings, far below what’s needed for a comfortable retirement. According to a 2024 survey by Fidelity, nearly 60% of respondents aged 60 to 64 said they worry about running out of money within 10 years of retiring.
With inflation and medical expenses rising, many retirees simply can’t afford to delay Social Security—even if it means receiving less.
3. Poor Health and Shorter Life Expectancy
Some people make the rational choice to claim benefits early based on health status. If you’re in poor health or have a family history of shorter life expectancy, claiming earlier might maximize your lifetime benefits.
For example, someone who passes away at 72 would receive more total benefits if they started at 62 than if they waited until full retirement age or later.
4. Social Security Administration Challenges
Budget cuts, staffing reductions, and technological transitions have made it harder to get timely support from the Social Security Administration. In some cases, benefits are delayed or miscalculated. These issues have led many people to feel that claiming early is safer, even if it’s not ideal.
Historical Trends: What’s Changed?
In the past, claiming at 62 was the norm. But as longevity increased and financial planning became more strategic, financial advisors began recommending waiting until full retirement age—or even age 70—to maximize monthly payouts.
Yet, in the past three years, early claiming rates have reversed direction. According to the SSA, the share of new claimants aged 62 rose from 27% in 2022 to 30% in early 2025. This shift reflects deep-rooted anxieties and the immediate pressures people are facing today.
Real-Life Examples
Case Study 1: Linda, 62, Texas
Linda was laid off during the COVID-19 pandemic and used her savings to stay afloat. Now 62, with limited job prospects and ongoing health issues, she’s decided to claim Social Security early. “I know I’ll get less money,” she says, “but I need it now. It’s not a choice—it’s survival.”
Case Study 2: Marcus, 66, New Jersey
Marcus waited until full retirement age, thanks to a stable job and strong 401(k). “Delaying was hard, but now I’m getting a higher check for life. It’s worth it if you can swing it.”
Should You Claim at 62? A Step-by-Step Guide
Step 1: Understand Your Full Retirement Age (FRA)
Your FRA depends on your birth year. For those born in 1960 or later, it’s 67. Claiming before this age leads to reduced monthly benefits.
Step 2: Estimate Your Life Expectancy
Use tools like the SSA’s Life Expectancy Calculator to help project how long you might receive benefits.
Step 3: Analyze Your Financial Situation
- Do you have enough savings?
- Are you still working?
- Will early benefits cover your expenses?
Step 4: Weigh Pros and Cons
| Pros of Claiming Early | Cons of Claiming Early |
|---|---|
| Immediate income | Lower monthly benefit for life |
| Useful for those in poor health | Could miss out on thousands over time |
| May avoid future benefit cuts | Can limit spousal survivor benefits |
Step 5: Consult a Professional
Talk to a financial advisor or retirement planner. They can run projections based on your unique situation.
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Frequently Asked Questions (FAQs)
Q: Can I stop and restart Social Security benefits later?
A: Yes, under limited conditions. You can withdraw your application within 12 months and repay the benefits received.
Q: What happens if I claim early but keep working?
A: Your benefits could be reduced if you earn more than the annual limit ($22,320 in 2025), but they’ll be recalculated after you reach FRA.
Q: Are my Social Security benefits taxable?
A: Yes, up to 85% of your benefits may be taxed depending on your income.
